Local MP Alan Mak has welcomed the Government’s Autumn Statement 2023, saying that it backs working people, families and businesses across the Havant Constituency.
He has welcomed the tax cuts for workers and businesses, a freeze on alcohol duty, and increases to the National Living Wage and State Pension – all of which benefit residents across the Havant Constituency and the country.
The Autumn Statement, delivered by the Chancellor Jeremy Hunt on 22 November this year, is an annual financial update from the Government and sets out its plans for taxes and public finances. Together with the annual Budget, which happens in the Spring, the Autumn Statement is a major event in Westminster.
This year’s Autumn Statement will:
- Cut taxes for working people from January 2024 by cutting the main rate of National Insurance Contributions from 12% to 10%. For the average worker earning £35,000 a year, that means a £450 tax cut.
- Cut and simplify tax for self-employed people, by abolishing an entire class of NICs and cutting the rate of the NICs top rate from 9% to 8%. This is an average total saving of around £350 for someone earning £28,000 a year.
- Cut business taxes and encourage more investment by permanently enabling businesses to invest for less and offset investments against their tax bills. This is the biggest business tax cut in modern British history.
- Cut business rates for small businesses by freezing the small business multiplier saving an average shop £1,650, and extending the Retail Hospitality and Leisure Relief for a year.
- Boost the National Living Wage to record levels: £11.44 an hour. That is a 9.8% increase, benefiting 2.7 million workers.
- Help the most vulnerable with an average income boost of £800. 1.6 million of the families most struggling with the cost of living will have their Local Housing Allowance increased.
- Boost pensions, in line with our Triple Lock, by 8.5% - ensuring dignity in older age for those who have worked their entire lives. The basic State Pension will be £3,750 higher than in 2010.
- Freeze alcohol duty, alleviating pressure on the hospitality sector.
- Increase all working age benefits in full by 6.7%, boosting benefit payments for around 5.5 million households who receive Universal Credit – by an average of £470 a year.
- Provide support with the cost of living with further Cost of Living Payments this year, helping more than 8 million UK households on eligible means-tested-benefits, 8 million pensioner households and 6 million people across the UK on eligible disability benefits.
- Reduce inflation further. The OBR state that the package as a whole means inflation is forecast to be lower next year than they said at Spring Budget.
These actions are another step forward in tackling the long-term economic challenges facing the UK so we can build a more dynamic economy that delivers prosperity across the Havant Constituency and the country.
Local MP Alan Mak said: “National Insurance has been cut for workers and businesses, alcohol duty remains frozen, and the National Living Wage and pensions are going up. This is all great news for residents across the Havant Constituency and the country.”
He added, “The Autumn Statement backs working people, communities and businesses across the Havant Constituency and the UK. The Government’s plans make local families and workers better off and back our local businesses to grow and create jobs.”
